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Investors Business Daily
Investors Business Daily
Business
INVESTOR'S BUSINESS DAILY and JAMES DETAR

Modine Stock Breaks Out On Strong Earnings, Runs Up 63% In 3 Weeks

Showing unusual strength, Modine Manufacturing got an upgrade for its IBD SmartSelect Composite Rating from 94 to a near-best 97, out of 99. The upgraded Composite Rating shows that Modine stock outpaces 97% of all stocks on a group of the most important technical and fundamental metrics.

Modine Stock A Favorite Among Big Money Investors

The outstanding Accumulation/Distribution Rating, of A for Modine Manufacturing stock, on an A+ to E scale, shows heavy buying by institutional investors over the last 13 weeks. Racine, Wis.-based Modine also has a decent 82 Earnings Per Share Rating, putting it in the top 18% of all stocks for profit growth.  Reflecting strong fundamentals, it has a bullish B SMR Rating (sales + profit margins + return on equity) on an A-to-E scale.

Looking For The Best Stocks To Buy And Watch? Start Here

 

Modine Manufacturing stock recently broke out of a cup-without-handle pattern on May 26, rising above a 26.90 buy point. It took off from the 19.34 low point of the base on May 24, soaring 63% to 31.55 Thursday afternoon, down more than 1% for the day. It's extended now. Look for it to form a fresh base and move higher.

Modine specializes in thermal management systems used in a wide variety of industries including air conditioning systems, autos, heavy construction equipment and medical devices among others.

Among Top 5 In Its Industry

The watchlist candidate company on May 24 posted 18% earnings growth for Q4, to 67 cents per share, topping estimates. Sales grew 8% to $618.1 million. The prior three quarters it reported 60% EPS growth, then 220% and 55%. The company on Feb. 1 forecast that 2023 revenue will grow 6% to 12% year over year. Modine is slated to report current quarter earnings around Aug. 2.

Modine stock holds the No. 4 rank among its peers in the Building-A/C & Heating Products industry group. Houston-based heating, ventilation and air conditioning company Comfort Systems USA is the top-ranked stock within the group.

Please follow James DeTar on Twitter @JimDeTar 

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